Northern Trust Corp Has $167.46 Million Holdings in CubeSmart $CUBE

Key Points

• Northern Trust Corp increased its stake in CubeSmart by 4.3%, acquiring an additional 162,068 shares, bringing its total holdings to 3,920,931 shares valued at approximately $167.5 million.
• CubeSmart reported a quarterly earnings per share (EPS) of $0.65, exceeding analysts' expectations, and showed a 6.0% increase in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.52 per share, translating to an annualized yield of 5.2%, with a payout ratio of 126.83%.

Northern Trust Corp grew its position in CubeSmart (NYSE:CUBE - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,920,931 shares of the real estate investment trust's stock after purchasing an additional 162,068 shares during the period. Northern Trust Corp owned about 1.72% of CubeSmart worth $167,463,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CUBE. Alyeska Investment Group L.P. increased its position in CubeSmart by 219.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock worth $110,323,000 after purchasing an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in CubeSmart by 27.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after purchasing an additional 1,464,331 shares during the last quarter. Nuveen LLC acquired a new position in CubeSmart in the 1st quarter worth about $53,980,000. JPMorgan Chase & Co. boosted its stake in shares of CubeSmart by 29.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust's stock worth $237,519,000 after acquiring an additional 1,261,746 shares in the last quarter. Finally, Hudson Bay Capital Management LP bought a new stake in shares of CubeSmart during the 4th quarter worth about $45,805,000. 97.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on CUBE. Evercore ISI decreased their price target on CubeSmart from $48.00 to $47.00 and set an "in-line" rating for the company in a research note on Monday, August 4th. Wolfe Research began coverage on CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 price target for the company. Mizuho upped their price target on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Truist Financial upped their price target on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Finally, Barclays decreased their target price on CubeSmart from $48.00 to $45.00 and set an "equal weight" rating for the company in a research note on Friday, August 8th. Six research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, CubeSmart presently has an average rating of "Hold" and a consensus target price of $46.93.

CubeSmart Trading Up 2.6%

CUBE stock traded up $1.05 during midday trading on Friday, hitting $41.07. 1,223,453 shares of the company's stock were exchanged, compared to its average volume of 1,770,220. The stock's fifty day moving average price is $41.27 and its 200-day moving average price is $41.37. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.06 and a current ratio of 0.06. The company has a market cap of $9.37 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 9.15 and a beta of 0.94. CubeSmart has a one year low of $34.24 and a one year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%.The company's revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 earnings per share. CubeSmart has set its Q3 2025 guidance at 0.640-0.660 EPS. FY 2025 guidance at 2.540-2.600 EPS. Research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.1%. CubeSmart's dividend payout ratio (DPR) is currently 126.83%.

CubeSmart Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.